Taxation 

of 

Estates and Inheritances 

under 

Federal and State Laws 


Brief Summaries of the 
More Important Features 

Tables of 

Rates and Exemptions 




Spencer Trask & Co. 

25 Broad Street, New York 

Members New York and Chicago Stock Exchanges 

ALBANY BOSTON CHICAGO 

74-78 Chapel Street 50 Congress Street 208 So. La Salle Street 










DEC IA 19, 


M 









s 


Estate or Inheritance Tax Laws have been 
enacted by all but three States and the 
District of Columbia. In the following 
pages we present brief summaries of the 
more important provisions of these laws 
and of the Federal Estate Tax Law, to¬ 
gether with tables showing the rates of tax 
imposed and the exemptions permitted. 




Copyright, 1920 

by 

Prentice-Hall, Inc. 
New York 


©CI.A604532 


Inheritance Taxes, or death duties as they are generally called in England, are now a well 
established method of raising public revenues in this country. Such taxes range in rates all the 
way from of 1% on direct heirs, such as parents or children, in Mississippi, to as high as 32% 
on collateral heirs in Arkansas. 

Some idea of the relative importance of the Inheritance Tax may be gained from the following 
hypothetical example, in which the burden of the Inheritance Tax of New York, plus the Estate 
Tax imposed by the Federal Government under the Revenue Act of 1918, is compared with that 
of the Federal Income Tax:, 

Example: Until the day of his death John Jones lived in the City of 
New York with an unadopted foster child, and by last will and testament 
left all his property to this child. This property comprised securities costing 
$250,000 and yielding income at the average rate of 6%, all taxable under the 
Federal Income Tax Law. 

In this case the interest annually at 6% on the aggregate amount of the New 
York Inheritance Tax and the Federal Estate Tax imposed upon the estate of 
John Jones would amount to about what Jones himself paid the Federal Govern¬ 
ment by way of income tax. In other words, the estate of John Jones prac¬ 
tically pays his Federal Income Tax in perpetuity. 

The calculation may be outlined as follows: 


John Jones Estate. $250,000 

Income from Estate (Interest at 6%). $15,000 

Federal Income Tax on $15,000 Income: 

Normal Tax. $880 

Surtax. 350 

Total. $1,230 

New York Inheritance Tax. $16,750 

Federal Estate Tax. 4,000 

Total. $20,750 

Interest .on $20,750 at 6%. $1,245 


If the same calculations were made for this particular estate on the basis of Inheritance Tax 
rates of other States, we would find that in such important States as Massachusetts and Illinois 
(important from the standpoint of wealth and population) the Inheritance Tax would be more 
onerous than the Federal Income Tax. Inheritance taxes take a percentage of the capital of 
an estate; income taxes take a percentage of the income derived from that capital. 

When men now sixty years of age were just, reaching their majority, only two States in the 
Union, Pennsylvania and Maryland, imposed inheritance taxes. In 1885, New York was added 
to the list. It is a sad commentary on the annoyance that inheritance taxes have given to men of 
means to note that since its first enactment, the Inheritance Tax Law of New York has been 
amended over forty times. Today forty-five States impose inheritance taxes, x\labama, Florida 
and South Carolina being the only States in which inheritance tax laws are not in force. There 
is no inheritance tax law in force in the District of Columbia. 

Inheritance taxes are usually graduated, i. e., they bear more heavily upon large estates 
than upon small estates, and usually provide a differential tax on different classes of beneficiaries, 
bearing most lightly on those, like the widow, parent or child, who have a direct claim on the 
decedent’s bounty, and most heavily on utter strangers. Three of the forty-five States, Iowa. 
Maryland and Texas, do not tax direct heirs at all. 

One of the most difficult questions relating to inheritance taxes is that of residence. Even 
where the law appears perfectly clear on this subject, circumstances may arise to make the calcu# 


1 













lation of the tax a not very simple task. Unfortunately, the statutes of many States are ambiguous, 
and the courts have not clearly interpreted them. Furthermore, the officials charged with the 
administration of the law frequently make harsh and arbitrary rulings, especially in matters 
affecting the property of non-residents. 

In general, the States tax all property of resident decedents, with certain exemptions and 
with certain exceptions in cases where bequests are made to charitable and other similar 
institutions. Inheritance taxes have not been levied by any of the States on land situated outside 
the State. Many States now tax the stocks and bonds of non-resident decedents in corporations 
organized within their borders and enforce the law by forbidding transfer agents to register transfers 
unless the tax has been paid or unless the States give special permission through what is called a 
“waiver.” Thus, in the example given at the outset, where John Jones left an estate of $250,000, 
if Jones had lived in Chicago, and all of his estate had consisted of stock in New York corporations, 
the total Inheritance Tax would have amounted to $44,545, consisting of a Federal Tax of $4,000, 
an Illinois Tax of $23,795, and a New York Tax of $16,750. 

It will be noted in this instance that the estate really would carry a threefold burden. But 
that is not all. As far as most States are concerned, the same property would be taxed over and 
over again as it passed from one heir to another, irrespective of the length of time during 
which any given owner held the estate. The Federal Estate Tax, however, provides, in effect, 
that the same property shall not be taxed more than once in five years. 

Some States go even so far as to claim a tax where a non-resident decedent held stock in 
a foreign corporation which has property within the State. In such cases, however, as in the case 
of non-registered bonds, it is difficult, if not practically impossible, for a State to enforce its claim. 
Some States tax securities of foreign corporations, belonging to non-resident decedents, if the 
certificates or evidences of obligation are physically located within the State. 

Wherever a tax is imposed on the transfer of property under a will or under the intestacy 
laws, the same tax is usually imposed on gifts mortis causa, that is, on gifts made during life but 
to take effect at death. 

In the following pages we present a summary of the rates and such other information as may 
be required to obtain a clear understanding of the relative positions of the various States, as 
well as the Federal Government, in respect to the burdens they impose upon decedents’ estates. 
The Federal Tax is an estate tax, that is, it is levied upon the estate as a whole. The States 
generally impose inheritance taxes, or as they are sometimes called, succession taxes, which are 
levied upon each individual’s share of the estate. 


FEDERAL ESTATE TAX 

While the Federal Government began as early as 1797 to tax inheritances, it has resorted 
to this method of taxation only during periods of stress, such as the Civil War, the Spanish War 
and the World War. Table No. 1 on the following page gives a digest of the various acts passed 
by Congress during the World War, as well as of the act which is still in effect (Column 4). 

In these recent acts the tax is calculated on the net estate, that is, on the gross estate less 
expenses and debts and less, in the case of resident decedents only, an exemption of $50,000 (this 
$50,000 exemption is not allowed in the case of non-resident decedents). The tax is upon the 
entire estate of resident decedents, wherever the property is located, and upon the property situated 
within the United States in the case of non-resident decedents. 

The amount of all gifts to or for use of the United States or any political subdivision thereof 
solely for public purposes, or to any religious, charitable, scientific or educational corporation or 
to trustees for any of these purposes is permitted to be deducted in calculating the net estate. 

“Stock in a domestic corporation, and insurance payable by a domestic insurance company, 

constitute property situated in the United States.Bonds actually situated in the 

United States, moneys on deposit with domestic banks and moneys due on open accounts by 
domestic debtors constitute property subject to the tax.” 


2 



TABLE FOR COMPUTING FEDERAL ESTATE TAX . 



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3 














































• s 


ALABAMA 

There is no Inheritance Tax Law in force in Alabama. 

, ARIZONA 

The rates shown in Table No. 2 apply to property within the State belonging to resident decedents 
and to non-resident decedents. Persons holding securities or othtff assets belonging to non-resident 
decedents cannot make transfers without giving notice to the State Treasurer, and the same are subject 
to tax. < 

ARIZONA ' Table No. 2 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$10,030 

$10,000 

to 

$20,000 

\ 

$20,000 

to 

$50,000 

Over 

$50,000 

Class A 

Grandparents, parents, husband, wife, child, brother, sister, 
wife or widow of son, husband of daughter, adopted or 
mutually acknowledged child, lineal descendant. 

SI0,000 on entire estate 
except where it exceeds 
that amount, when 
exemption is $5,000 on 
a share. 

1% 

\ 

1% 

1% 

1% 

Class B 

Uncle, aunt, niece, nephew or any lineal descendant of same. 

$5,000 on entire estate 
except where estate ex¬ 
ceeds that amount, 
when exemption is 
$2,000 on a share. 

2% 

2% 

) 

2% 

2% 

Class C 

All other cases. 

$500, but no exemption 
when share exceeds 
that amount. 

3% 

4% 

5 % 

6% 


ARKANSAS 

The rates for Arkansas are shown in Table No. 3. The exemptions are not allowed on all estates, 
the rule being that w r hen any estate on which the tax is due is large enough to pay the tax in full and 
leave a sum equal to or greater than the exemption, the tax shall be paid on the value of the entire estate 
without any deductions whatever. 

The estates of non-residents are liable not only on tangible property within the State, but also on 
securities of corporations incorporated within the State or owning property within the State. The State 
does not tax tangible property of resident decedents situated without the State, but a tax is imposed on 
the stock of foreign corporations owning property within the State. 


ARKANSAS Table No. 3 


Beneficiary 

Exemptions 

Rat^ 

♦Under 

$5,000 

$5,000 

to 

$10,000 

$10,000 

to 

$30,000 

$30,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

$500,000 

to 

$1,000,000 

Over 

$1,000,000 

Class A 

Parents, husband, wife, child, brother, 
sister, wife or widow of son, husband 
of daughter, adopted child, mutually 
acknowledged child. 

Widow or minor 
child, $3,000. 
All others, 
$1,000. 

1% 

2% 

» 

3% 

4% 

5% 

6% 

7% 

8% 

Class B 

Any other persons or corporations 
except Class C. 

$500 

4% 

8% 

12% 

16% 

20% 

24% 

28% 

32% 

Class C 

Gifts for benevolent, charitable, public, 
educational or religious purposes. 

Entirely exempt 










♦When any estate on which a tax is due is large enough to pay the tax in full and leave a sum equal to or greater than the exemption, 
the tax shall be paid on the value of the entire estate without any deductions whatever. 


4 




















































CALIFORNIA 

California taxes the entire property of residents and the property of non-residents situated within 
the State.. In property within the State is included bonds or notes present in California or owed by 
California debtors, shares of stock in California and deposits or other assets or the contents of safe deposit 
boxes standing in the name of the decedent.' The rates and exemptions are as set forth in Table No. 4. 


Table No. 4 CALIFORNIA 


Beneficiary 

Exemption 

Rate 

Over k 

Amount of 
Exemption 
but under 
$25,600 

$25,000 
' to 
$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

^200,000 

$200,000 

to 

$500,000 

$500,000 

to 

$1,000,000 

Over ' 
$1,000,000 

Class A 

Husband, wife, lineal ancestor, lineal 
descendant, adopted child, or mutu¬ 
ally acknowledged child, or the lineal 
descendant of either. 

Widow (half of 
community) or 
minor child, 
$24,000; oth¬ 
ers, $10,000. 

1% 

^2% 

4% 

7% 

10% 

12% 

15% 

Class B 

Brother, sister, or descendant of either, 
wife or widow of son, husband of 
daughter. 

$2,000 

3% 

v 

6% 

9% 

12% 

15% 

20% 

25% 

Class C 

Uncle, aunt or the descendant of either. 

$1,000 

4% 

8% 

10% 

15% 

20% 

25% 

30% 

Class D 

All other persons and corporations ex¬ 
cept Class E. 

$500 

5% 

10% 

15% 

20% 

25% 

30% 

30% 

Class E 

Gifts for charitable, benevolent, educa¬ 
tional or public purposes organized or 
existing in this State, or property to 
be used within State, or to corporations 
which are exempt from taxation. 

Entirely exempt 









COLORADO 

Colorado taxes the entire estate of resident decedents, and all property of non-residents situated 
within the State, including debts or bonds due from domestic corporations, stock in such corporations or 
in any corporations having property within the State. 

In Table No. 5 the rates of tax are given, but in connection with the exemptions these observations 
should be made.: The beneficiaries included in Class A are entitled to the entire amount of the exemption 
before the tax is computed; in Classes B and C no exemption is allowed if the estate exceeds the amount 
of the exemption. 

The table does not show the rate of tax on different blocks of the estate, but the rate is to be applied 
to the entire estate when the amount of estate falls within any of the brackets. Thus an estate of $25,000 
left to an aunt would pay a tax of 4% on $25,000; that is, the highest rate applicable to any part of the 
amount must be used in computing the tax on the entire amount. 

Table No. 6 COLORADO 


Rate 


Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
but under 
$10,000 

$10,000 

to 

$20,000 

$20,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$200,000 

Over 

$200,000 

Class A 

Parents, husband, wife, child, brother, sister, wife 
or widow of son, husband of daughter, adopted 
or mutually acknowledged child and lineal 
descendant. 

$10,000 


2% 

2% 

2% 

3% 

4% 

Class B 

Uncle, aunt, niece, nephew or lineal descendants 
of same. 

$500 

3% 

3% 

4% 

5%, 

0% 

6% 

Class C 

All other persons or corporations except Class D. 

$500 

4% 

5% 

6% 

8% 

10% 

10% 

Class D 

Gifts for State or municipal purposes, for public 
libraries, for religious, educational or charita¬ 
ble purposes, provided beneficiary be located 
within State, or property be limited for use in 
State. 

Entirely exempt 

■ 





• 


♦ 









































































CONNECTICUT 

Connecticut taxes all the property of resident decedents and all property of non-resident decedents 
located within the State. Securities held without the State issued by Connecticut corporations shall be 
subject to the tax only in cases where the State of the decedent’s residence imposes an inheritance tax on 
like securities of their own corporations owned by residents of Connecticut. Securities physically present 
within the State are taxable in any event. 

Connecticut uses the ratio rule or mathematical formula in calculating the tatf on non-residents’ 
estates that was recently approved by the Supreme Court of the United States in a case involving the 
estate of the late James J. Hill. Had this rule been held unconstitutional by the Court, the estate would 
have paid $26,703.12 less to the State of New Jersey, where the rule also operates, than it was compelled 
to pay. Besides Connecticut and New Jersey, the following States have adopted the rule: Kansas, Maine, 
Mississippi, North Carolina, North Dakota, Oklahoma, Rhode Island, South Dakota and Wisconsin. 

The Connecticut statute in stating this mathematical rule is worded in part as follows: “The court 
of probate having jurisdiction . . shall ascertain the proportion of the estate of such non-resident 

decedent, wherever situated, passing to each of such three classes, (Classes A, B and C in the table) and 
shall compute such tax as if the real estate or tangible personal property on which such tax is based passed 
to the classes referred to in the same proportion, but only such percentage of the exemptions (stated in 
the table) . . 'shall apply as the estate of such non-resident in this State is of the entire estate.” 

The rates and exemptions which apply to the aggregate estate passing to each class and not to 
the estate of each beneficiary are as set forth in Table No. 6. 

CONNECTICUT Table No. 6 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
to 

$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$250,000 

$250,000 

to 

$1,000,000 

Over 

$1,000,000 

Class A 

Parents, grandparents, husband, wife, lineal de¬ 
scendant, adopted child, adoptive parent and lineal 
descendant of adopted child. 

$10,000 to entire class 

1% 

1% 

2% 

3% 

4% 

Class B 

Wife or widow of son, husband of daughter, step¬ 
child, brother or Sister of full or half blood or 
descendant of same. 

$3,000 to entire class 

3% 

5% 

6% ' 

7% 

8% 

Class C 

All others, except Class D. 

$500 to entire class 

5% 

5% 

6% 

7% 

8% 

Class D 

Gifts for exhibition purposes or municipal or public 
corporations or institutions within the State. 

Entirely exempt 







DELAWARE 

Delaware taxes only property within the State, whether it be transferred by a resident or a non¬ 
resident decedent. It makes one exception and that is with regard to shares of stock in domestic corpora¬ 
tions when held by non-resident decedents; these shares are exempted because of a constitutional pro¬ 
vision which does not permit their taxation. 

The rates and exemptions are as set forth in Table No. 7. 


DELAWARE Table No. 7 




Rate 

Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
to 

$25,000 

$25,000 

to 

$30,000 

$30,000 

to 

$100,000 

$100,000 

to 

$200,000 

Over 

$200,000 

Class A 

Parents, grandparents, husband, wife, child, adopted 
child, wife or widow of son, husband of daughter, 
lineal descendant. 

$3,000 

1% 

1% 

' 2% 

3% 

. 4% 

Class B 

Brother or sister of the whole or half blood or de¬ 
scendant of either. 

$1,000 

2% 

3%. 

3% 

4% 

5% 

Class C 

All others except Class D. 

No exemption 

5% 

6% 

6% 

7% 

8% 

Class D 

Gifts for educational, charitable, historical, munici¬ 
pal or religious purposes. 

Entirely exempt 







DISTRICT OF COLUMBIA 

There is no Inheritance Tax Law in force in the District of Columbia. 

6 






































FLORIDA 

There is no Inheritance Tax Law in force in Florida. 

GEORGIA 

Georgia’s law was materially changed in 1919. The new law taxes all property within the State 
belonging to residents or non-residents, but excludes intangible property of non-residents. This means, 
of course, that the stock and other securities of domestic corporations, when owned by non-residents, 
are exempted. 

The rates and exemptions are as set forth in Table No. 8. 

Table No. 8 GEORGIA 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
to $25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, child, adopted child, son-in-law, 
daughter-in-law, lineal descendant or lineal an¬ 
cestor. 

$2,000 to lineal ancestor 
or descendant. $5,000 
to all others. 

1% 

i m 0 

2% 

2 M% 

3% 

Class B 

Brother, sister (includes half-blood), step-child. 

None 

3% 

4 H% 

6% 

7 H% 

9% 

Class C 

Uncle, aunt, nephew, niece. 

None 

5% 

7V 2 % 

10% 

12^% 

15% 

Class D 

All other, except Class E. 

None 

7% ' 

io x% 

14% 

17J*% 

21% 

Class E 

Gifts for educational, literary, scientific, religious, 
charitable or State or Municipal purposes. 

Entirely exempt 







IDAHO 

Idaho taxes all the property of resident decedents and all the property of non-resident decedents 
located within the State. Corporations and banking institutions are not permitted to make transfers or 
deliveries without retaining a sufficient portion of amount thereof to pay any tax and penalty which may 
thereafter be assessed on account of the delivery or transfer of such securities, deposits or other assets, 
including the shares of the capital stock of or other interests in the safe deposit company, trust company, 
corporation, bank or other institution making the delivery or transfer—unless the County Treasurer 
consents thereto in writing. The law is very similar, as to taxability, to the law of Illinois. 

The rates and exemptions are as set forth in Table No. 9. 

Table No. 9 IDAHO 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
to $25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal issue, lineal ancestor, adopted 
child or mutually acknowledged child or lineal de¬ 
scendant of either. 

Wife or minor child, 
$10,000. All others, 

$4,000. 

1% 

1 H% 

2% 

%y 2 % 

3% 

Class B 

Brother or sister or their descendants, wife or widow 
of son, husband of daughter. 

$2,000 

1 H% 

2H% 

3% 

3M% 

4 X% 

Class C 

Aunt or uncle or descendant of either. 

$1,500 

3% 

4 J^% 

6% 

7A% 

9% 

Class D 

Brother or sister of grandfather or grandmother or 
descendant of either. 

$1,000 

4% 

6% 

8% 

10% 

12% 

Class E 

All other persons or corporations except Class F. 

$500 

5% 

7'A% 

10% 

12^% 

15% 

Class F 

Gifts for charitable, benevolent, educational and 
public purposes or to institutions exempt from 
taxation. 

Entirely exempt 







7 
































































ILLINOIS 

Illinois taxes all the property of resident decedents and the property of non-resident decedents 
within the State. Stocks and bonds in Illinois corporations, and in national banks maintaining a place of 
business in Illinois, moneys on deposit in Illinois and securities actually located in Illinois are subject to 
the tax. 

The rates and exemptions are as set forth in Table No. 10. 

ILLINOIS Table No. 10 


Rate 


Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
to $20,000 

$20,000 

to 

$50,000 

$50,000 

to 

$70,000 

$70,000 

to 

$100,000 

$100,000 

to 

$150,000 

$150,000 

to 

$170,000 

$170,000 

to 

$250,000 

$250,000 

to 

$500,000 

Over 

$500,000 

Class A 

Parents, lineal ancestors, 
husband, wife, adopted 
child or mutually acknowl¬ 
edged child, brother, sis¬ 
ter, wife or widow of son, 
husband of daughter, lin¬ 
eal descendant. 

$20,000 to all 
except broth¬ 
er or sister, 
who have 
$10,000 ex¬ 
emption. 

1% 

1% 

2% 

2% 

2% 

3% 

3% 

.5% 

7% 

Class B 

Uncle, aunt, niece, nephew 
or lineal descendant of 
same. 

$500 

3% 

4% 

4% 

6% 

6% 

6% 

8% 

8% 

8% 

Class C 

All other persons or corpora¬ 
tions except Class D. 

$100 

5% 

6% 

8% 

8% 

10% 

12% 

12% 

15% 

. 15% 

Class D 

Gifts for hospital, religious, 
educational, bible, mis¬ 
sionary, tract, scientific, 
benevolent or charitable 
purposes. 

Entirely exempt 










INDIANA 

Indiana taxes all the tangible property within the State of resident and non-resident decedents. It 
taxes intangible property of residents wherever located but does not tax the intangible property of non¬ 
residents. It will be seen, therefore, that as far as non-residents are concerned stocks or bonds in Indiana 
corporations, or the certificates of stocks or bonds if actually located in Indiana, as well as money on 
deposit in Indiana, are not subject to the inheritance tax. Nevertheless, consent to the transfer of 
securities of Indiana corporations must be obtained. 

The rates and exemptions are as set forth in Table No. 11. 

INDIANA Table No. 11 




Rate 

Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
but under 
$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal issue, lineal ancestor, adopted 
child or mutually acknowledged child or de¬ 
scendant of either. 

Widow, $10,000. All 

others, $2,000. 

1% 

m% 

2% 

2'A% 

3% 

Class B 

Brother, sister, or descendant of either, wife or widow 
of son, husband of daughter. 

$500 

1J*% 

2H% 

3% 

CO 

4J^% 

Class C 

Brother or sister of father or mother or descendant 
of either. 

$250 

3% 

4 H% 

6% 

7'A7o 

9% 

Class D 

Brother or sister of the grandfather or grandmother 
or descendant of either. 

$150 

4% 

6% 

8% 

10% 

12% 

Class E 

All other persons or corporations except Class F. 

$100 

5% 

7 X% 

10% 

12 X% 

15% 

Class F 

Gifts for municipal, county, town, religious, educa¬ 
tional, benevolent or charitable purposes within 
the State. 

Entirely exempt 







8 










































































IOWA 

Iowa does not tax estates of $1,000 or less. It taxes all kinds of property, both tangible and in¬ 
tangible, of non-residents provided such property is within the State. Iowa corporations are liable to 
the tax on stock transferred on account of death unless the tax has been paid by the executor or other 
person primarily liable. 

Property passing to the first class is entirely exempt. This class includes father, mother, husband 
or wife, lineal descendants, adopted child and its children. 

All others pay a tax of 5%, except non-resident aliens, who pay 20%, unless they are brothers or 
sisters, in which event they pay 10%. 

KANSAS 

Kansas taxes “all property, corporeal or incorporeal, and any interest therein, within the jurisdiction 
of the State, whether belonging to the inhabitants of the State or not.” 

As to non-residents, Kansas applies the mathematical rule explained in the digest of the Connecti¬ 
cut laws (see page 6). , 

The rates and exemptions are as set forth in Table No. 12. 


Table No. 12 KANSAS 


Beneficiary 

*Exemption 

Rate 

On first 
$25,000 
over 

Exemption 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Wife. 

$75,000 

H% 

1% 

IH% 

2% 

2 A% 

Class B 

Husband, lineal ancestor, lineal descendant, adopted 
child, lineal descendant of adopted child, wife or 
widow of son, husband of daughter. 

$15,000 

1% 

2% 

3% 

4% 

5% 

Class C 

Brother or sister. 

$5,000 

3% 

5% 

7 X A% 

10% 

12'A% 

Class D 

All other persons or corporations except Class E. 

None. 

5% 

7'A% 

10% 

12*6% 

15% 

Class E 

Gifts for literary, educational, scientific, religious, 
benevolent, charitable, State, municipal, or public 
purposes. 

Entirely exempt 







* Any share in the estate which does not amount to more than .$200 in excess of the exemption shown for each class is not subject 
to tax. 



9 







































KENTUCKY, 

Kentucky taxes all property of resident decedents and all the property of non-residents situated 
within the State, including “any interest therein” or “income therefrom.” 

The rates and exemptions are as set forth in Table No. 13. 

KENTUCKY Table No. 13 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$25,000 

$25,000 

to 

$50,000 

$50,000 
to • 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal issue, lineal ancestor, adopted 
child or mutually acknowledged child or de¬ 
scendant of either. 

Widow and minor child, 
$10,000. All others, 
$5,000. 

1% 

1 H% 

2% 

2K% 

3% 

Class B 

Brother or sister, descendant of either, wife or widow 
of son, husband of daughter. 

$2,000 

1H% 

2H% 

3% 

3M% 

4 ^% 

Class C 

Aunt or uncle, or descendant of either. 

$1,500 

3% 

4 ^% 

6% 

7 ^% • 

9 % 

Class D 

Brother or sister of grandfather or grandmother or 
descendant of either. 

$1,000 

4 % 

6% 

8% 

10% 

12% 

Class E 

All other persons or corporations except Class F. 

$500 

5% 

7K% 

10% 

12 J*% 

15% 

Class F 

Gifts for Municipal, public, charitable or educational 
purposes within the State. 

Entirely exempt 







LOUISIANA 

Louisiana imposes its tax on all “inheritknces, legacies and other donations mortis causa” and makes 
the tax expressly apply to personal property within the State and to all personal property of resident 
decedents wherever situated. 

Gifts for educational, religious or charitable purposes are entirely exempt. The rate is 2 % for 
husband, wife, ascendants or descendants, though no tax at all is imposed if the share received amounts 
to less than $10,000. All others pay 5% without exemption except as noted above. 

MAINE 

Maine taxes “all property within the jurisdiction of this State, and any interest therein, whether 
belonging to the inhabitants of this State or not, and whether tangible or intangible.” As to non-resi¬ 
dents the mathematical rule used in Connecticut is applied (see page 6). 

The highest rate applicable to any part of the estate passing to a certain beneficiary is used in com¬ 
puting the tax on the entire amount of the estate passing to such beneficiary. 

Where personal property of a non-resident consists of shares in a railway, telegraph or telephone 
company incorporated in Maine and another State, only so much of each share as is proportional to the 
part of such company’s lines lying within this State shall be considered property subject to tax in this 
State. 

The rates and exemptions are as set forth in Table No. 14. 

MAINE Table No. 14 


Beneficiary 

/ 

Exemption 

Rate 

Over Amount 
of Exemption 
up to $50,000 

$50,000 

to 

$100,000 

Over 

$100,000 

Class A 

Husband, wife, parents, child, adopted child or adoptive parent. 

$10,000 

1% 

1*4% 

2% 

Lineal ancestor, lineal descendant, wife or widow of son, husband of 
daughter. 

$500 

1% 

1*4% 

2% 

Class B 

Brother, sister, uncle, aunt, nephew, niece or cousin. 

$500 

4% 

4*4% 

5% 

Class C 

All other persons or corporations except Class D. 

$500 

5% 

6% 

7% 

Class D 

Gifts for educational, charitable, benevolent or religious purposes 
within State. 

Entirely exempt 





10 






















































MARYLAND 


Maryland’s schedule is extremely simple. Parents, husband, wife, child and lineal descendants are 
entirely exempt. All others pay at the rate of 5% if the estate amounts to $500 or more. The tax is an 
estate tax payable on “all estates, real, personal and mixed, money, public and private securities for 
money . . . being in this State.” ' 

Executors in foreign states are required to pay a tax on their commissions on the transfer of stock in 
domestic corporations, the tax amounting to 1% on the first $20,000 and % of 1% on the remainder. 


MASSACHUSETTS 

The Massachusetts tax is levied on “all property within the jurisdiction of the commonwealth, 
corporeal or incorporeal, and any interest therein, belonging to inhabitants of the commonwealth, and 
all real estate within the commonwealth, or any interest therein, belonging to persons who are not in¬ 
habitants of the commonwealth.” 

Property of a non-resident decedent within the jurisdiction of the commonwealth shall, if it is tax¬ 
able in State of his residence, be taxed here only on any excess which may be due over the tax of the 
other State; provided that a like exemption is made by the other State in favor of estates of residents of 
Massachusetts. 

The rates mentioned in Table No. 15 were all increased 25% by an Act of 1919 , which increased rate 
was to apply to estates of persons dying on or before July 23, 1920, and it was further enacted by L. 1920 
Ch. 441 to extend to December 1, 1920. 


Table No. 15 MASSACHUSETTS 


Beneficiary 

♦Exemption 

Rate 

Under 

$10,000 

$10,000 

to 

$25,000 

$25,000 

to 

$50,003 

$50,000 

to 

$250,000 

$250,000 

to 

$1,000,000 

Over 

$1,000,000 

Class A 

Husband, wife, parents, child, grandchild, 
adopted child or adoptive parent. 

$10,000 exempt ex¬ 
cept grandchild 
$1,000 

.No tax ex¬ 
cept grand¬ 
child 1% 

1% 

2% 

4% 

5% 

6% 

Class B 

Lineal ancestor or descendant except those in 
Class A, lineal descendant of adopted child, 
lineal ancestor of adoptive parent, wife or 
widow of son, husband of daughter. 

$1,000 

1% 

2% 

4% 

5% 

6% 

7% 

Class C 

Brother, sister, half-brother, half-sister, nephew, 
niece, stepchild or step-parent. 

$1,000 

3% 

5% 

7% 

8% 

9% 

10 % 

Class D 

All other persons or corporations except Class E. 

41,000 

5% 

<f% 

7% 

8% 

9% 

10 % 

Class E 

Gifts for charitable, educational or religious pur¬ 
poses exempt by law from taxation; trusts for 
charitable purposes, for city, town or public 
purposes within the State. 

Entirely exempt 


\ f 






♦Where the interest in the estate exceeds the amount of the exemption, the entire amount is taxable. 


11 




















MICHIGAN 

Residents’ property is taxed under the Michigan law wherever Situated. All non-residents’ property 
within the State is taxed. Transfer agents and others having control of securities are liable for making 
transfers on the order of foreign (i.e., outside the State) executors or legal representatives before the tax 
is paid unless they obtain a written waiver from the proper county officer, or unless a sufficient amount is 
retained to pay the tax. 

No estate of less than $100 is subject to a tax. A share to a wife is not liable unless the personal 
property shall amount to $5,000 or more. A share to grandparents, parents, husband, child, brother, 
sister, widow of son, husband of daughter, adopted child or mutually acknowledged child is not taxable 
unless the personal property shall amount to $2,000 or more. 

The rates and exemptions are as set forth in Table No. 16. 

MICHIGAN Table No. 16 


Beneficiary 

Exemption 

(which applies only where 
interest transferred is less 
than exemption) 

Rate 

Under 

$50,000 

$50,000 

to 

$500,000 

Over 

$500,000 

Class A 

Grandparents, parents, husband, wife, child, brother, sister, widow of 
son, husband of daughter, adopted child or mutually acknowledged 
child. 

All real estate; personal pro¬ 
perty of less than $5,000 
in case of wife, and less 
than $2,000 in case of 
others of this class. 

1% 

2% 

3% 

Class B 

All other persons and corporations except Classes C and D. 

$100 

5% 

10% 

15% 

Class C 

Jvon-resident alien collaterals and strangers to the blood and corpora¬ 
tions incorporated without the United States. 

$100 

25% 

25% 

25% 

Class D 

Gifts for religious, charitable and similar purposes within the State. 

Entirely exempt 





MINNESOTA 

Minnesota taxes the property, wherever situated, belonging to resident decedents, and taxes all 
property or any interest therein or income therefrom of non-residents situated within the State. Do¬ 
mestic corporations are liable for the taxes in respect to transfers of stock unless before making such 
transfers on their books they obtain a written consent thereto from the Attorney General. 

The rates and exemptions are as set forth in Table No. 17. 

MINNESOTA Table No. 17 




Rate 

Beneficiary 

Exemption 

-> 

*Over 
Amount of 
Exemption 
but not over 
$15,000 

$15,000 

to 

$30,000 

$30,000 

to 

$50,000 

$50,000 

to 

$100,000 

Over 

$100,000 

Class A 

Wife or lineal issue. 

$10,000 

1% 

2% • 

2^% 

3% 

4% 

Class B 

Husband, lineal ancestor, adopted child or mutually 
acknowledged child or lineal descendant of either. 

Lineal ancestors, $3,000; 
all others, $10,000. 

1 H% 

'3% 

m% 

4^% 

6% 

' Class C 

Brother, sister, descendant of either, wife or widow 
of son, husband of daughter. 

$1,000 

3% 

6% 

7/4% 

9% 

12% 

Class D 

Brother or sister of father or mother or a descendant 
of either. 

$250 . 

4% 

8% 

10% 

12% 

16% 

Class E 

All other persons except Class F. 

$100 

5% 

10% . 

12H% 

15% 

20% 

Class F 

Gifts for religious, charitable, scientific, literary or 
educational purposes in the State, or State or 
municipal purposes in the State. 

Entirely exempt 







•The exemption is first deducted from the estate and the primary rate computed on the entire $15,000 remaihing. 


12 







































































,, MISSISSIPPI 

Mississippi taxes all property of residents and all real and personal tangible property of non-residents 
situated within the State. As to non-residents, however, the law expressly excludes from taxation “such 
intangible property as money on hand or on deposit, shares of stock, bonds, notes, credits and evidences 
of debt.’ In calculating the tax on non-residents, Mississippi uses the mathematical rule described in 
the digest of Connecticut (see page 6). 

The rates and exemptions are as set forth in Table No. 18. 

Table No. 18 , MISSISSIPPI 


Beneficiary 

Exemption 

Rate 

Amounts 

Over 

Exemption 
up to 
$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$75,000 

$75,000 

to 

$100,000 

$100,000 

to 

$150,000 

$150,000 

to 

$250,000 

$250,000 

to 

$500,000 

$500,000 

to 

$1,000,000 

Over 

$1,000,000 

Class A 

Grandparents, parents, hus¬ 
band, wife, child, brother, 
sister, nephew, niece, wife 
or widow of son, husband 
or widower of daughter, 
adopted or mutually ac¬ 
knowledged child or lineal 
descendant. 

Widow or child 
under 18, 
$7,500; all 

others, $4,000. 

H% 

1% 

1H% 

2% 

2H% 

- 2^% 

2^% 

3% 

3% 

Class B 

All others except Class C. 

$500 

5% 


6% 

6% 

6% 

e y*% 

7% 

7% 

8% 

Class C 

Gifts for charitable, benevo¬ 
lent, educational or public 
purposes and corporations 
and associations exempt 
from taxation. 

Entirely exempt 











MISSOURI 

Missouri taxes all property of resident decedents and all property or any interest therein or income 
therefrom of non-residents situated within the State. 

The rates and exemptions are as set forth in Table No. 19. 

Table No. 19 MISSOURI 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$20,000 

$20,000 

to 

$40,000 

$40,000 

to 

$80,000 

$80,000 

to 

$200,000 

$200,000 

to 

$400,000 

Over 

$400,000 

Class A 

Husband, wife, lineal descendant, lineal ances¬ 
tor, adopted child or issue of same, illegitimate 
child. 

Husband or wife, 
$15,000; all others, 
$5,000. 

1% 

2% 

3% 

4% 

5% 

6% 

Class B 

Brother, sister, descendant of either, wife or 
widow of son, husband of daughter. 

$500 

3% 

6% 

9% 

.12% 

15% 

18% 

Class C 

Uncle, aunt or descendant of either. 

$250 

3% 

6% - 

9% 

12% 

15% 

18% 

Class D 

Brother or sister of grandfather or grandmother 
or descendant of either. 

$100 

4% 

8% 

12% 

/ 

16% 

20% 

24% 

Class E 

All others, except Class F. 

$100 

5% * 

10% 

15%. 

20% 

25% 

30% 

Class F 

Gifts for municipal, hospital, religious, educa¬ 
tional, bible, missionary, scientific, benevolent 
or charitable purposes within the .State. 

Entirely exempt 








13 
























































MONTANA 

All property of resident decedents is taxed by Montana, as is also all property, and any interest 
therein or income therefrom, situated within the State of non-resident decedents. 

Estates of less than $500 are not taxed. Where a share is distributed to a parent, a husband, wife, 
child, brother, sister, wife or widow of son, husband of daughter, adopted child or mutually acknowledged 
child or lineal descendant there is no tax unless the estate is valued at $7,500 or more. The rate on per¬ 
sonal property distributed to those mentioned in this paragraph is 1 %. The rate on realty descending 
to such persons and on all property coming to all other persons is 5%. 


NEBRASKA 

Nebraska taxes all property of resident decedents and all property and any interest therein or in¬ 
come therefrom situated within the State of non-resident decedents. There is, however, no machinery 
provided for taxing personal property belonging to a non-resident and in practice it is not taxed. 

The rates and exemptions are as set forth in Table No. 20. 

NEBRASKA Table No. 20 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$5,000 

$5,000 

to 

$10,000 

$10,000 

to 

$20,000 

$20,000 

to 

$50,000 

Over 

$50,000 

Class A 

Parents, husband, wife, child, brother, sister, wife or 
widow of son, husband of daughter, adopted child, 
mutually acknowledged.child, lineal descendant. 

$10,000 

1% 

1% 

1% 

1% 

1% 

Class B 

Uncle, aunt, niece, nephew or lineal descendant of 
same. 

$2,000 

2% 

2% 

2% 

2% 

2% 

Class C 

All others. 

$500 unless share exceeds 
that amount, in which 
case no exemption. 

2% 

3% 

4% 

5% 

6% 


NEVADA 

All property of residents within the jurisdiction of the State and all property within the State 
belonging to non-residents is subject to the tax at the rates set forth in Table No. 21. 


NEVADA Table No. 21 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal ancestor, adopted or mutually 
acknowledged child or lineal issue of either. 

Wife or minor child, 
$20,000. All others, 
$10,000. 

1% 

2% 

3% 

4% 

5% 

Class B 

Brother, sister or descendant of either, wife or widow 
of son, husband of daughter. 

$10,000 

2% 

4% 

6% 

8% 

10% 

Class C 

Uncle, aunt or descendant of either. 

$5,000 

3% 

6% 

9% 

12% 

15% 

Class D 

Brother or sister of grandfather or grandmother, or 
descendant of either. 

None 

4% 

8% 

12% 

16% 

20% 

Class E 

All other persons or corporations. 

' None 

5% 

10% 

15% 

20% 

25% 


14 

















































NEW HAMPSHIRE 

New Hampshire taxes only property within the State belonging to residents and taxes only the real 
estate within the State of non-resident decedents. The tax is uniformly at the rate of 5% for all persons 
except parents, husband, wife, lineal descendant, adopted child or their lineal descendant, wife or widow 
of son and husband of daughter. The rates for those mentioned are as follows: 1% up to $25,000; 
2% from $25,000 to $50,000; 2 l / 2 % from $50,000 to $100,000; 3% from $100,000 to $250,000, and 5% 
over $500,000. The husband, wife or any child under twenty-one years of age is entitled to an exemption 
of $10,000. 

Gifts for educational, religious, cemetery, public or charitable purposes within the State are entirely 
exempt. 


NEW JERSEY 

New Jersey taxes all the property of resident decedents and all real property, goods, wares and 
merchandise within the State, including shares of stock of corporations incorporated in the State, or of 
national banking associations within the State of non-resident decedents. The tax assessed against the 
estate of a non-resident decedent is to be such proportion of the tax which the estate would have borne if 
the decedent had been a resident, as the value of the property within the State bears to the value of the 
entire estate wherever located. The mathematical rule used in Connecticut is applied (see page 6). 
Estates of $500 or less are entirely exempt. 

The rates and other exemptions are as set forth in Table No. 22. 


Table No. 22 NEW JERSEY 




Rate 

Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
to $50,000 

$50,000 

to 

$150,000 

$150,000 

to 

$250,000 

Over 

$250,000 

Class A 

Husband, wife, child, issue of child, adopted child, mutually 
acknowledged child. 

$5,000 

1% 

m % 

2% 

3% 

Class B 

Parents, brother, sister, wife or widow of son, husband of 
daughter. 

5,000 

2% 

2 W7c 

3% 

4% 

Class C 

All others except Class D. 

None. 

5% 

5% 

5% 

5% 

Class D 

Gifts for church, hospital, orphan asylum, public library, bible, 
tract, religious, benevolent or charitable purposes within the 
State, and to corporations locally incorporated. 

Entirely exempt 






15 



















NEW MEXICO 

New Mexico’s Inheritance Tax Law went into effect January l, 1920. All property within the State, 
whether belonging to a resident or non-resident decedent, is subject to the tax, which is at the rate of 1% 
for parents, husband, wife, lineal descendants, legally adopted child and its lineal descendants, the wife 
or widow of a son, the husband of a daughter, a brother and sister. These direct heirs are also entitled to 
an aggregate exemption of $10,000. Collateral heirs, strangers and corporations pay at the rate of 5% 
and are entitled to an aggregate exemption of $500. Where the property is left partly to direct heirs the 
proportion of the $10,000 exemption to which they are entitled is the same as the proportion of the estate 
which they receive. 

The law is stated to be based on the Connecticut law, and the mathematical formula for calculating 
the exemption of non-residents, described in the Connecticut digest, applies here (see page 6). Gifts of 
paintings, pictures, books, etc., made by will to any corporation or institution in the State for exhibition 
purposes are exempt. Non-resident decedents’ estates are liable to pay the tax not only on tangible 
property within the State, but on intangible property, which is defined to mean “incorporeal property, 
including money, deposits in banks, shares of stock, bonds, notes, credits, evidences of an interest in 
property and evidences of debt.” 


NEW YORK 

New York now taxes all property of resident decedents. The rules as to taxability of non-resident 
decedents’ estates may be summarized as follows: 

The tax is imposed on real property, goods, wares and merchandise within the State; on stock of 
a domestic corporation or of a national bank located within the State; on stock of a foreign corporation, 
or on bonds, notes, mortgages of any corporation (except a moneyed, transportation, public service or 
manufacturing corporation) and the property represented by any of such securities consists of real estate 
located wholly or partially within the State, or of any interest in a partnership business conducted wholly 
or partially within the State, and if not wholly within the State, then in proportion to the value that real 
property of the corporation within the State and that the entire property of the partnership within the 
State bears to the entire value of the corporation or partnership, respectively, wherever located; on 
capital invested in the State by a person doing business in the State as principal or partner. 

An estate of $500 or less is entirely exempt. 

The rates and exemptions are as set forth in Table No. 23. 


NEW YORK Table No. 23 


Beneficiary 

Exemption 

Rate 

First 

$25,000 

over 

Exemption 

$25,000 

to 

$100,000 

$100,000 

to 

$200,000 

Over 

$200,000 

Class A 

Parents, wife, husband, child, adopted child, lineal descendant. 

$5,000 to all except grand¬ 
child, which has *$500 
exemption 

1% 

2% 

3% 

4% 

Class B 

Brother, sister, wife or widow of son, husband of daughter, 
mutually acknowledged child. 

*$500 

2% 

3% 

4% 

5% 

Class C 

All others except Class D. 

*$500 

5% 

6% 

7% 

8% 

Class D 

Gifts for charitable, religious, benevolent, educational, cemetery, 
historical purposes. 

Entirely exempt 






*No exemption allowed if gift amounts to over $500. 


16 





















NORTH CAROLINA 

North Carolina imposes a tax on all property of resident decedents, and taxes “all real and personal 
property of whatever kind and nature . ” belonging to non-residents and having a location 

within the State, “or any interest therein or income therefrom.” 

In computing the tax on estates of non-residents the mathematical rule practiced in Connecticut 
is applicable (see page 6). 

The rates and exemptions are as set forth in Table No. 24. 

Table No. 24 NORTH CAROLINA 


Beneficiary 

Exemption 

Rate 

First 

$25,000 

above 

Exemption 

$25,000 

to 

$100,000 

$100,000 

to 

$250,000 

$250,000 

to 

$500,000 

Over 

$500,000 

Class A 

Lineal issue, lineal ancestor, adopted child, husband 
or wife, or one standing in relation of child. 

Widow, $10,000; minor 
child, $5,000; all others 
$2,000. 

1% 

2% 

3% 

4% 

5% 

Class B 

Brother or sister, or descendant of either. 

$200, except where legacy 
exceeds that amount, 
then no exemption. 

3% 

4% 

5% 

6% 

7% 

Class C 

All others, except Class D. 

$200, except where legacy 
exceeds that amount, 
then no exemption. 

5% 

6% 

7% 

8% 

9% 

Class D 

Gifts for religious, educational or charitable corpo¬ 
rations within the State. 

Entirely exempt 


• 





NORTH DAKOTA 

North ^Dakota allows property of resident decedents situated outside the State to go untaxed, pro¬ 
vided the State in which it is located taxes it, the tax is paid, and such State allows a similar exemption 
to property located in North Dakota. Property within the State belonging to non-residents is taxable, 
and the term property is defined to include “all contracts, mortgages, shares of stock or bonds or other 
interest in tangible personal or real property existing in this State, however evidenced or expressed.” 
In computing the tax on estates of non-residents, the mathematical rule practiced in Connecticut is 
applicable (see page 6). 

The tax upon transfer of stocks, bonds, mortgages or other securities of a corporation or a holding 
company owning securities of a corporation, incorporated or operating within the State, which first- 
mentioned corporation is organized, does business or owns property within and without this State, shall 
be in the proportion which the business or property within this State bears to the total property. 

The rates and exemptions are as set forth in Table No. 25. 

Table No. 25 NORTH DAKOTA 


Rate 


Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
but under 
$15,000 

$15,000 

to 

$30,000 

$30,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$300,000 

$300,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal descendant, adopt¬ 
ed or mutually acknowledged child 
or lineal issue of either. 

Husband or wife, 
$10,000; minor 
child, $5,000; 
all others, $2,- 
000. 

1% 

1K% 

2% 

2^% 

3% 

3H% 

^ 4% 

Class B 

Brother or sister or descendant of either, 
wife or widow of son, husband of 
daughter. 

$500 

iy 2 % 

2M% 

3% 

m% 

4^% 

5H% 

6% 

Class C 

Aunt or uncle, or descendant of either. 

$250 

3% 

4^% 

6% 

7 'A% 

9% 

ioy 2 % 

12% 

Class D 

Brother or sister of grandfather or 
grandmother, or descendant of either. 

None 

4% 

6% 

8% 

10% 

12% 

14% 

16% 

Class E 

All others except Class F. 

None 

5% 

7H%. 

10% 

12^% 

15% 

17^% 

20% 

Class F 

Gifts for municipal, religious, charitable, 
or educational purposes organized and 
to be used within the State. 

Entirely exempt 









17 

























































































OHIO 

Ohio taxes the property of resident decedents wherever the property is located and taxes the property 
of non-residents located within the State. Property is expressly defined to “include everything capable 
of ownership or any interest therein or income therefrom, whether tangible or intangible, and, except as 
to real estate, whether within or without this State . . . ” Ohio gives certain credit for taxes paid 

on property in other States. 

The rates and exemptions are as set forth in Table No. 26. 

OHIO Table No. 26 


Beneficiary 

Exemption 

Rate 

♦Over 
Amount of 
Exemption 
but under 
$25,000 

$25,000 

to 

$100,000 

$100,000 

to 

$200,000 

Over 

$200,000 

Class A 

Parents, husband, wife, child, adopted child or lineal descendant 
of decedent. 

$5,000 to wife or minor 
child; all others, $3,500 

1% 

2% 

.3% 

4% 

Class B 

Brother, sister, niece, nephew, wife or widow of son, husband of 
daughter, mutually acknowledged child. 

$500 

5% 

6% 

7% 

8% 

Class C 

All others except Class D. 

None 

7% 

8% 

9% 

10% 

Class D 

Gifts for State, municipal corporations, educational, charitable 
or benevolent purposes within the State. 

Entirely exempt 






*The exemption is first deducted from the estate and the primary rate computed on the entire $25,000 remaining. 


OKLAHOMA 

Oklahoma reaches with its inheritance taxes all property of resident decedents, and all property 
within the State of non-resident decedents, including “any interest therein or income therefrom.” In 
computing the tax on estates of non-residents the mathematical rule practiced in Connecticut is applicable 
(see page 6). 

The rates and exemptions are as set forth in Table No. 27. 

OKLAHOMA Table No. 27 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
to $25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

Over 

$100,000 

Class A 

Parents, husband, wife, child, adopted child, mutually acknowl¬ 
edged child, lineal descendants. 

Wife, $15,000; child, 
$10,000; all others, 
$5,000. 

1% 

2% 

3% 

4% 

Class B 

Brother, sister, wife or widow of son or husband of daughter. 

$1,000 

1% 

3% 

4% 

5% 

Class C 

To all others, except Class D. 

$500 

6% 

7% 

8% 

10% 

Class D 

Gifts for religious, charitable or educational purposes. 

Entirely exempt 






18 










































OREGON 

Oregon has both an inheritance tax and an estate tax. Every estate in excess of $10,000 is required to 
pay a tax on the entire estate, the rate depending on the size, as follows: On estates from $10,000 to 
$25,000,1%; $25,000 to $50,000, \yi%\ $50,000 to $100,000, 2%; $100,000 to $300,000, 3%; $300,000 
to $500,000, 5%; $500,000 to $1,000,000, 7%; and over $1,000,000, 10%. Grandparents, parents, hus¬ 
band, wife, child or lineal descendant pay no additional inheritance tax. The inheritance tax rates on 
shares going to others are shown in Table No. 28. Oregon taxes all property within the State, whether 
belonging to residents or to non-residents, and taxes all the property of residents located without the 
State, except real property. 


Table No. 28 OREGON 




Rate 

Beneficiary 

Exemption 

To 

$500 

$500 

to 

$1,000 

$1,000 

to 

$2,000 

$2,000 

to 

$3,000 

$3,000 

to 

$4,000 

$4,000 

to 

$5,000 

$5,000 

to 

$10,000 

$10,000 

to 

$25,000 

$25,000 

to 

$30,000 

$30,000 

to 

$50,000 

Over 

$50,000 

Class A 

Brother, sister, uncle, aunt, or 
any lineal descendant of same. 

$1,000 



1% 

1% 

2% 

2% 

4% 

7% 

7% 

10% 

15% 

Class B 

All others except in Class C. 

None. 

2% 

4% 

6% 

8% 

8% 

10% 

10% 

15% 

20% 

20% 

25% 

Class C 

Gifts to benevolent, charitable 
and educational corporations 
or to persons in trust for them, 
within the State. 

Entirely exempt 













PENNSYLVANIA 

The Inheritance Tax Law of Pennsylvania is quite simple. There are no exemptions, and the rate 
is uniformly 5%, except that to parents, husband, wife, child, lineal descendants, adopted child, child of 
a former spouse, or wife or widow of son the rate is 2%. Property, wherever located, belonging to resident 
decedents is subject to the tax, while as to non-residents the tax applies to real property, goods, wares or 
merchandise within the commonwealth, and to shares of domestic corporations and of national banking 
associations located within the commonwealth. 

The tax assessed against the estate of a non-resident decedent is to be such proportion of the tax 
which the estate would have borne if the decedent had been a resident, as the value of the property within 
the State bears to the value of the entire estate wherever located. 


19 
























RHODE ISLAND 


Rhode Island has both an estate tax and an inheritance tax. The rates and exemptions for both taxes 
are as set forth in Table No. 29. The tax on the shares is in addition, of course, to the tax on the estate as 
a whole. The property of non-residents within the State is not taxed, with the exception of real estate. 
Rhode Island, in applying its tax to the real property of non-residents uses the mathematical rule described 
in the digest of the tax-law of Connecticut (see page 6). Gifts to any corporation, association or institu¬ 
tion located in Rhode Island which is exempt from taxation under the laws of the State, or to any corpora¬ 
tion located outside the State, which if located in the State would be exempt (eleemosynary institutions) 
or to any city or town in the State for public purposes, are exempt. 

RHODE ISLAND Table No. 29 


Beneficiary 

Exemption 

Rate 

Over 

Amount of 
Exemption 
but under 
$50,000 

$50,000 

to 

$250,000 

$250,000 

to 

$500,000 

$500,000 

to 

$750,000 

$750,000 

to 

$1,000,000 

Over 

$1,000,000 

Estate tax (on entire estate). 

$5,000 

H% 

H% 

H% 

H% 

Yi% 


Class A 

Grandparents, parents, husband, wife, child, 
brother, sister, nephew, niece, wife or widow 
of son, husband or widower of daughter, 
adopted child, mutual by acknowledged child, 
lineal descendant. 

$25,000 to widow 
and minor child; 
to rest of class, 
$25,000 once. 

H% 

1% 

ix% 

2% 

2 H% 

3% 

Class B 

All others. 

$1,000 

5% 

6% 

7% 

7% 

7% 

8% 


SOUTH CAROLINA 

There is no Inheritance Tax Law in force in South Carolina. 


20 


















SOUTH DAKOTA 

South Dakota taxes all the property of resident decedents and all the property within the State 
belonging to non-resident decedents. Corporations are not permitted to transfer the stock of non-resident 
decedents without the consent of the Tax Commission, and “no foreign administrator or executor shall 
assign or transfer any stock or obligation in this State or within its jurisdiction, standing in the name of a 
non-resident decedent or in trust for a non-resident decedent, without the consent of the Tax Com¬ 
mission first procured . . and no such assignment or transfer shall be valid until this provision 

is complied with.” South Dakota, in calculating the tax on non-resident estates, uses the mathematical 
formula described in the Connecticut digest (see page 6). 

The rates and exemptions are as set forth in Table No. 30. 


Table No. 30 SOUTH DAKOTA 




Rate 

Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
but under 
$15,000 

$15,000 

to 

$50,000 

$50,000 

to 

$100,000 

Over 

$100,000 

Class A 

Wife or lineal issue. 

$10,000 

1% 

2% 

3% 

4% 

Class B 

Husband, lineal ancestor, adopted or mutually acknowledged 
child or lineal issue of same. 

Husband or adopted 
child, $10,000; lineal 
ancestors, $3,000. 

2% 

4% 

6% 

8% 

Class C 

Brother, sister or descendant of either, wife or widow of son, 
husband of daughter. 

$500 

. 3% 

6% 

9% 

12% 

Class D 

Brother, sister of father or mother or descendant of either. 

$200 

4% 

8% 

12% 

16% 

Class E 

All others, except piasses F and G. 

$100 

5% 

10% 

15% 

20% 

Class F 

Certain charitable, educational institutions. 

$2,500 

5% 

10% 

15% 

20% 

Class G 

Gifts for public corporations for strictly county, town or munici¬ 
pal purposes for use within the State. 

Entirely exempt 

































TENNESSEE 

All property of resident decedents of this State is taxable. Non-residents’ property within the State 
is taxable with the following exceptions: (a) money on hand or on deposit; (b) shares of stock, bonds or 
notes held as collateral to secure any bona fide indebtedness owed by such non-resident to any person 
firm or corporation in this State; (c) shares of stock, bonds, notes or other evidences of debt where the 
imposition of an inheritance tax thereon in this State would result in the payment of a second, or double 
inheritance tax upon such property by reason of the fact that it is subject to the payment of such a tax 
in the State where the non-resident decedent lived at the time of his death. 

Proceeds of life insurance are taxable. 

The rates and exemptions are as set forth in Table No. 31. 

TENNESSEE Table No. 31 




Rate 

Beneficiary 

Exemption 

$1,000 

to 

$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$150,000 

$150,000 

to 

$200,000 

$200,000 

to 

$250,000 

$250,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, direct descendants, direct 
ascendants, or adopted child. 

Husband, wife, 
direct ascend¬ 
ants or de- 
scendants 
$10,000 on 

whole estate. 

1% 

1A% 

2% 

3% 

3% 

3% 

3% 

5% 

Class B 

All others except Class C. 

$1,000 

5% 

5% 

6% 

7% 

8% 

9% 

10% 

10% 

Class C 

Gifts for municipal, religious, educational, 
hospital or charitable purposes. 

Entirely exempt 










TEXAS 

Texas does not tax property beyond its jurisdiction but imposes its tax on the property within the 
State of non-resident decedents and on any interests therein. In practice, however, no tax is collected 
on the transfer of stock of a domestic corporation owned by a non-resident decedent. The rates and 
exemptions are as set forth in Table No. 32. 


TEXAS Table No. 32 


Beneficiary 

Exemption 

Rate 

$500 

to 

$1,000 

$1,000 

to 

$2,000 

$2,000 

to 

$10,000 

$10,000 

to 

$25,000 

$25,000 

to 

$50,000 

$50,000 
to „ 
$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

) 

Class A 

Parents, husband, wife, lineal descendants. 

Entirely exempt 









Class B 

Lineal ascendant, brother or sister or lineal 
descendant of either. 

$2,000 

Exempt 

Exempt 

2% 

2^% 

3% 

3^% 

4% 

5% 

Class C 

Uncle or aunt or lineal descendant of either. 

$1,000 

Exempt 

3% 

3% 

4% 

5% 

6% 

7% 

8% 

Class D 

All others except Class E. 

$500 

4% 

4% 

4% 

5'A% 

7% 

8'A% 

10% 

12% 

Class E 

Gifts for public, charitable, educational or 
religious purposes within the State. 

Entirely exempt 










22 















































UTAH 

Utah has no inheritance tax, but imposes an estate tax which bears only on property within the 
jurisdiction of the State, and applies to tangible or intangible property belonging to non-resident decedents 
as well as to resident decedents. As to non-residents, the mathematical rule used in Connecticut is 
applied. (See page 6). An exemption of $10,000 is allowed. The rate is 3% up to $25,000 and 5% 
above that amount. 


VERMONT 

Vermont taxes real property of residents which lies within the State and all their personal property 
wherever situated. Real property located within the State is the only property of non-resident decedents 
subjected to the tax. 

The rates and exemptions are as set forth in Table No. 33. 


Table No. 33 VERMONT 




Rate 

Beneficiary 

Exemption 

Amounts 

to 

$10,000 

$10,000 

to 

$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$250,000 

Over 

$250,000 

Class A 

Husband, wife, child, parent, grandchild, wife or 
widow of son, husband of daughter, adopted child, 
stepchild, child of stepchild or adopted child, 
lineal descendant. 

$10,000 

None 

1% 

2% 

4% 

5% 

Class B 

All others except Class C. 

None 

5% 

5% 

5% 

5% 

5% 

Class C 

Gifts for charitable, educational, religious or ceme¬ 
tery purposes. 

Entirely exempt 







VIRGINIA 

Virginia does not go outside its borders in finding the property on which its inheritance tax must be 
paid, but it levies its tax on property within its borders whether belonging to resident or to non-resident 

decedents and covers “all property.real, personal and mixed, and any interest therein.” The 

Auditor of Public Accounts has ruled that the transfer of securities of a domestic corporation or other 
intangible property of a non-resident decedent is not subject to tax. 


The rates and exemptions are as set forth in Table No. 34. 

Table No. 34 VIRGINIA 




Rate 

Beneficiary 

Exemption 

Excess of 
Exemption 
to $50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

$500,000 

to 

$1,000,000 

In Excess 
of 

$1,000,000 

Class A 

Husband, wife, lineal ancestors or lineal descendant. 

$10,000 

1% 

2% 

3% 

4% 

5% 

Class B 

Brother, sister, nephew, niece. 

$4,000 

2% 

4% 

6% 

8% 

10% 

Class C 

All others except Class D. 

$1,000 

5% 

7% 

9% 

12% 

15% 

Class D 

Gifts for state, municipal, charitable, educational or 
religious purposes ip the State or for the benefit of 
institutions in State exempt from taxation. 

Entirely exempt 























































WASHINGTON 

Washington taxes “all property within the jurisdiction of this State, and any interest therein, whether 
belonging to the inhabitants of this State or not, and whether tangible or intangible.” Corporations 
cannot transfer stock of non-resident decedents without being liable for the tax thereon; nor may safe 
deposit companies, banks or other institutions, person or persons, “holding any securities, property or 
assets of any non-resident decedent,” deliver or transfer “the same to any non-resident executor, adminis¬ 
trator or representative of such decedent, until after notice in writing of the time and place of such transfer 
shall have been duly given to the State Tax Commisioner at least 10 days prior thereto, and the tax 
imposed by this act paid thereon, and every such safe deposit company,” etc., “shall be liable for the 
payment of such tax.” 

The rates and exemptions are as set forth in Table No. 35. 


WASHINGTON Table No. 36 


Beneficiary 

Exemption 

Rate 

Amount 

over 

Exemption 
but under 
$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$250,000 

Over 

$250,000 

/ 

Class A 

Parents, husband, wife, lineal descendant, adopted child or 
lineal descendant of same. 

*$10,000 of the net estate 

1% 

2% 

3% 

5 % 

Class B 

Sister, brother, uncle, aunt, nephew or niece. 

None 

3% 

5% 

f 

7 % 

9 % 

Class C 

All other persons and corporations except Class D. 

None 

6% 

9 % 

12% 

15 % 

Class D 

Gifts for charitable, eleemosynary, municipal, educational or 
philanthropic purposes. 

Entirely exempt 



* 



*But one exemption to the class is allowed and not to each individual of the class. 


24 























WEST VIRGINIA 

All property wherever situated, belonging to a resident decedent, and all property within the State, 
and any interest therein, belonging to a non-resident decedent is subject to the tax. The law specifically 
provides that as to non-residents the tax shall apply to moneys on deposit in the State, to all “intangible 
property, including bonds, securities, shares of stock and choses in action, the evidence of ownership to 
which shall be actually within this State,” and to “the shares of capital stock of all corporations organized 
and existing under the laws of this State.” Corporations are made liable for the tax if they transfer shares 
without seeing that the tax is paid. 

Personal property without the State belonging to a resident is not taxed by West Virginia when a 
tax of like character is imposed by the jurisdiction wherein it is located or, if the tax imposed is of less 
amount than that imposed by West Virginia, then only to the extent of the difference between the tax which 
would have been due to this State and the tax levied by the foreign jurisdiction. This applies also to 
all real and all tangible apd intangible personal property actually within the State, as well as to stock of a 
domestic corporation, whether the certificates of shares are within or without the State. 

The rates and exemptions are as set forth in Table No. 36. 

Table No. 36 WEST VIRGINIA 


Rate 


Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
but under 
$25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

V 

Class A 

Husband, wife, child, lineal descendant or ancestor. 

Widow, $15,000; all oth¬ 
ers, $10,000. 

1% 

1 

2% 

2^% 

3% 

Class B 

Brother, sister (not including the half blood). 

None 

3% 

4 M% 

6% 

7 H% 

9% 

Class C 

All other'persons or corporations other than Class D. 

None 

5% 


10% 

12'A% 

15% 

Class D 

Gifts for educational, literary, scientific, religious, 
charitable. State or municipal purposes to be used 
within the State. 

Entirely exempt 




































WISCONSIN 

Wisconsin levies its tax on all property of resident decedents, and on all property within the State 
belonging to non-resident decedents. Transfers of stock cannot be made by foreign representatives 
without paying the tax and persons controlling the property of non-resident decedents must see that the 
tax is paid before a transfer is made. The law provides that “where stocks, bonds, mortgage, or other 
securities of corporations organized under the laws of the State or of foreign corporations, owning property 
or doing business in this State shall have been transferred by a non-resident decedent, the tax shall be 
upon such proportion of the value thereof as the property of such corporation in this State bears to the 
total property of the corporation issuing such stocks,” etc. In taxing non-resident decedents’ estates, 
Wisconsin uses the mathematical rule explained in the Connecticut digest (see page 6). 

Tangible personal property without the State of a resident decedent is not subject to tax provided it 
has been taxed in the State where located, and the law of such State allows a like exemption to such 
property left by a resident of that State and located in Wisconsin. 

Proceeds of insurance are subject to tax. 

The rates and exemptions are as set forth in Table No. 37. 


WISCONSIN Table No. 37 




Rate 

Beneficiary 

Exemption 

Over 

Amount of 
Exemption 
to $25,000 

$25,000 

to 

$50,000 

$50,000 

to 

$100,000 

$100,000 

to 

$500,000 

Over 

$500,000 

Class A 

Husband, wife, lineal issue, lineal ancestor, adopted 
or mutually acknowledged child or issue of either. 

Widow, $10,000; all oth¬ 
ers, $2,000. 

1% 

2% 

3% 

4% 

5% 

Class B 

Brother, sister, descendant of either, wife or widow 
of son, husband of daughter. 

$500 

2% 

4% 

6% 

8% 

10% 

Class C 

Uncle, aunt or descendant of either. 

$250 

3% 

6% 

9% 

12% 

15% 

Class D 

Brother or sister of grandfather or grandmother, or 
descendant of either. 

$150 

4% 

8% 

12% 

*16% 

*20% 

Class E 

All others except Class F. 

$100 

5% 

10% 

15% 

*20% 

*25% 

Class F 

Gifts for counties and municipalities within State, 
for charitable, educational or religious purposes 
within the State. 

Entirely exempt 







*But not to exceed 15% on the entire amount transferred to any individual. 


WYOMING 

Wyoming taxes all property of resident decedents and all property within the State “or any interest 
therein on income therefrom” belonging to non-resident decedents. An estate of less than $500 is not 
subject to the tax. There is an exemption of $10,000 for parents, husband, wife, child, brother, sister, 
wife or widow of son, husband of daughter, adopted child, mutually acknowledged child and lineal de¬ 
scendants, and the rate for these is 2%. For all others the rate is 5 % and there is no exemption. 


All information given herein is from official sources, or from those which we regard as reliable; 
but in no event are the statements herein contained to be regarded as our representations. 


26 
































Diversify 

Your Investments 

W E know from our long experience in the invest¬ 
ment business that it is no easy matter for men 
or women always to select securities best suited 
to their requirements, or always to take full advantage 
of the sound principle of diversifying their investments. 

For example, how many bonds of a given type should be 
purchased? How many bonds of another type? Still 
again, how many short-term notes or investment pre¬ 
ferred stocks may be held advantageously as related 
to the entire amount of securities owned? 

To have one’s investment holdings well balanced, both 
as to type and geographical location of the properties 
securing the same, is a matter of large importance. 
This is one reason why the experienced investor, in 
selecting securities, seeks the counsel and advice of a 
responsible investment house. 

Our experience in the investment business covers half 
a century. During that period we have built up a 
large business with institutions, executors, trustees and 
private investors the country over. Numbered among 
our clients are men and women of large and moderate 
means, and we take special pride in giving to the 
business of each and all the same careful attention and 
supervision. 

We suggest you send for our Circular No. 1909 
“Conservative Investments ” 


Spencer Trask & Co. 

25 Broad Street, New York 
Albany Boston Chicago 

MEMBERS NEW YORK AND CHICAGO STOCK EXCHANGES 






T HROUGH close wire connections 
with the principal financial cen¬ 
ters of the United States, we are 
in a specially favorable position to ob¬ 
tain present and past quotations on 
stocks and bonds. This service is one 
of particular advantage to Executors 
and Trustees in determining a just 
valuation of securities held in Estates. 

We also execute orders for the pur¬ 
chase or sale of stocks and bonds on 
all the principal Exchanges. 


Spencer Trask & Go. 

25 Broad Street, New York 
Albany Boston Chicago 

MEMBERS NEW YORK AND CHICAGO STOCK EXCHANGES 










Your Incentive to Save 

and 

Invest Conservatively 


T HE interest of the public is concentrating 
more and more upon the investment 
markets. It is well that this should be so. 
It is well that men generally should realize more 
fully than they do that the investment markets 
are a barometer of conditions in commerce and 
industry* This barometer indicates today the 
need for the exercise of proper caution, the prac¬ 
tice of thrift, the working to the utmost of every 
man and every dollar. Nations, municipalities, 
commerce and industry, all need money. All are 
now offering their securities on terms so liberal 
that every thinking man has the strongest in¬ 
centive to save and invest to the limit of his 
ability. The judicious selection of investments 
is a matter of knowledge and discrimination. 
Our experience of half a century is at your service. 

Send for Circular No. 1683 
“ Conservative Investments ” 


Spencer Trask & Co. 

25 Broad Street, New York 

Albany Boston Chicago 


MEMBERS NEW YORK AND CHICAGO STOCK EXCHANGES 






















SECOND FIRST 

LIBERTY LIBERTY 
LOAN LOAN 

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•n<4 and 

«'/«» 4',* 

*"«• Into 

•hlch which 

they may they may 
be "be 

Converted Converted 


Send for Pamphlet No. 1912 

Spencer Trask & Co. 

25 Broad Street, New York 

ALBANY BOSTON CHICAGO 

MEMBERS NEW YORK STOCK EXCHANGE 
MEMBERS CHICAGO STOCK EXCHANGE 













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